Financial literacy among youth alarmingly low. [Newspaper] (2020)
Abstract
About 84,805 Malaysians were declared bankrupt between 2015 and 2019. Based on the figure provided by the Insolvency Department, people below the age of 34 made up 26 per cent of the bankruptcy cases.
Worse yet, in 2018, it was stated by the then Bank Negara Malaysia (BNM) Assistant Governor, Nazrul Hisyam Mohd Noh, that 47 per cent of Malaysian youth have high credit card debt. Most of the bankruptcy cases were primarily due to the inability to sustain debt made of installment purchases, personal loans, and credit card debt.
This is alarming because it reflects that the level of financial literacy among young Malaysians on the ground is still lacking. Financial literacy as defined by the National Financial Educators Council is the ability to manage financial resources effectively for a lifetime pf financial security.
| Item Type: | Newspaper |
|---|---|
| Keywords: | Insolvency act 1967, Amendment, Act of bankruptcy, Debt, Financially illiterate, AKPK |
| Taxonomy: | By Subject > Law > Insolvency By Subject > Law > Insolvency Law |
| Local Content Hub: | Subjects > Law |
| Depositing User: | Muhammad Azrul Ayob |
| Date Deposited: | 25 Oct 2021 07:32 |
| Last Modified: | 25 Oct 2021 07:32 |
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